Best Savings Accounts

Finding the right place to stash cash is important, especially with interest rates hovering near historical lows. After all, the average savings account yields 73% less than it did in 2009. And current offers vary widely. For example, branch-based savings accounts have an average APY of 0.13% APY, which is 94% lower than the deposit market’s leaders.

To help people get the most for their money, WalletHub compared nearly 480 savings and money market accounts – including 33 student accounts and 64 business accounts – from 233 banks and credit unions, both online-only and branch-based. You can find our favorites below, followed by 7 tips for finding the best savings account for your needs.

This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.

You can learn more about each of these offers below.…show moreshow less
Finding the right place to stash cash is important, especially with interest rates hovering near historical lows. After all, the average savings account yields 73% less than it did in 2009. And current offers vary widely. For example, branch-based savings accounts have an average APY of 0.13% APY, which is 94% lower than the deposit market’s leaders.

To help people get the most for their money, WalletHub compared nearly 480 savings and money market accounts – including 33 student accounts and 64 business accounts – from 233 banks and credit unions, both online-only and branch-based. You can find our favorites below, followed by 7 tips for finding the best savings account for your needs.

This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.

Best Savings Account Overall

Best Savings Account Overall

Low Initial Deposit. This is one of the highest-yielding, most-accessible savings accounts on the market, offering a 1.50% APY on all deposits and requiring a minimum deposit of just $100. There are no monthly or withdrawal fees, either.

Best Savings Account Overall

Best Savings Account Overall

High Initial Deposit. As long as you have at least $5,000 to deposit, you’ll be able to enjoy this account’s 1.50% APY, which applies to all balances. And by maintaining a balance of at least $500, you’ll avoid its $4 monthly fee.

Best Brick-and-Mortar Savings Accounts

Best Brick-and-Mortar Savings Accounts

This is a great option if you prefer brick-and-mortar institutions to online banking, offering a 1.30% APY on balances over $100. There is no monthly fee, and you only need to deposit $5 to open an account. Plus, you get a $5 bonus for doing so.

If you’re worried about qualifying for membership in this credit union, don’t be. Anyone can join by making a $10 donation to Alliant Credit Union’s designated charity, Foster Care to Success.

Best Savings Account for College Students

Best Savings Account for College Students

College students in search of the best possible terms should focus on online-only personal savings accounts, as they offer the market’s highest rates and lowest fees. But if you want a student-branded account, this Beneficial Bank offering is your best bet. It gives you an APY of 0.3% to 0.5%, depending on your balance. And there’s neither a monthly fee nor a minimum-deposit requirement.

Best Business Savings Account

Best Business Savings Account

This account offers a 1.10% APY on balances of up to $1 million. And new applicants can lock-in this rate for 12 months, which would be useful if bank yields take a dive. Furthermore, you can easily avoid this account’s $3 monthly fee by maintaining a $300 minimum balance.

Market Snapshot

Below, you can find a brief overview of the current savings account market, based on WalletHub’s analysis of nearly 500 offers. This includes a breakdown of the average savings account’s terms as well as other key stats on market trends.

Average Savings Account Terms

Category

Average Savings Account

Best Savings Account

APY

0.18% (on balances up to $1,000)

Popular Direct Exclusive Savings Account

Monthly Fee

$4.95

Salem Five eOne Savings

Key Stats

The average traditional savings account charges a monthly fee of $5.24, 2X times higher than an average online savings account ($2.38).

43% of savings accounts and 23% of money market accounts do not charge a monthly fee.

All accounts with a monthly fee enable users to avoid it by maintaining a minimum monthly balance.

How to Find the Best Savings Account – 7 Tips

Unlike choosing a mortgage or even applying for a credit card, finding the best savings account or money market account (basically the same thing) is relatively easy. There aren’t many differences between offers. And you pretty much need to focus solely on finding an account with a high APY and low fees. Besides, we’ve already done the leg work for you, sifting through hundreds of offers to find the cream of the market’s crop.

But you still need a way to choose between [YYYY]’s Best Savings Accounts and compare accounts in the future. So WalletHub’s editors put together the following tips to help you.

Prioritize A High APY: Aside from the security of deposit insurance, seeing your money grow over time is the biggest benefit of using a savings account. So focus your comparison efforts on finding the highest possible yield. In doing so, make sure to consider how much money you expect to keep in your account moving forward. Many accounts offer different interest rates based on your balance.

Consider Monthly Fees & Accessibility: If two accounts have the same APY, use the fees they charge as the tie-breaker. Just make sure you aren’t sacrificing access to your funds for a lower cost.

Don’t Overlook Credit Unions: Credit unions can afford to offer better terms than banks because they have less overhead and are owned by their customers. You can use WalletHub’s Credit Union Savings Tool to review offers from the credit unions you’re eligible to join.

Embrace Online-Only Options: These days, most people have little need for a physical checkbook or a brick-and-mortar branch location. In fact, you may be exposing yourself to a lot of liability by continuing to write checks. And since online-only bank accounts offer the best terms on the market, giving one a try could prove quite rewarding.

Take Advantage Of Benchmark Bonuses: Many savings accounts offer higher interest rates when your account balance is above a certain amount. Others waive fees. Keep an eye out for these account features and factor them into your decision-making.

Stick to the plan: Navy SEALs tailor the ammunition they bring to the type of mission, terrain and enemy they’re dealing with. You can think of your savings account the same way. Your tools will be selected with your particular trade in mind, and if you use these tools for other purposes, the results will not be as intended. In other words, use your saving account for saving and not for spending.

Ignore Labels: With your mission to find high rates and low fees in mind, remember that you don’t need to limit yourself to savings accounts. Checking accounts, prepaid cards and brokerage accounts are all worthy substitutes in the right situation.

Community Discussion

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About our Editor's Picks

Our editors' recommendations for the Best Savings Accounts are a reflection of their own subjective opinions, and they should not be relied upon as the sole basis for choosing your financial product.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

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Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer's details page using the designation "Sponsored", where applicable. Advertising status does not affect which offers show up on this page but may impact the order in which they appear. At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.